When Prime Minister Shinzo Abe launched his three-pronged program to revive Japan's stagnant, deflationary economy three years ago, the stock market cheered every step along the way.
Not any more.
The "third arrow" of Abenomics — reforms to make the economy more productive — is barely a work in progress, but Abe got straight to work on the first two, fiscal expansion and monetary stimulus, with the enthusiastic support of a new governor at the Bank of Japan, Haruhiko Kuroda.